Taxation ITR & GST Filing

Taxation is vital for any country’s economic well-being and is divided into two main types:

  • Direct Tax and
  • Indirect taxes

Tax Returns (ITR) for individuals and Corporate Tax for businesses, are levied  directly on income or profits. Individuals and entities compute their taxable income based on various factors such as earnings, investments, and deductions, aligning with progressive tax brackets. In contrast, indirect taxes are manifested through the Goods and Services Tax (GST), imposed on goods and services at each stage of production or distribution. GST, reflecting its prevalence in daily transactions. Understanding these tax dynamics is pivotal for individuals and enterprises to navigate financial obligations fostering economic stability and equitable wealth distribution.

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    The Menu

    • Taxation (ITR)
    • Taxation (Indirect Tax – GST)

    All about Taxation (ITR)

    We can help you with all services relating to ITR as well as GST, which helps ensure that you accurately file your tax returns. We help you with tax planning services as well as return filing. In addition, we have the capacity to help you resolve tax queries while providing tailored solutions to your needs.

    Our tax services ensure that your business runs smoothly without any disruptions. Let us handle all tax-related matters while you focus on expanding your business.

    1. Direct tax services: We offer complete income tax services that includes TDS filing, Payroll execution, tax returns filing, tax planning, as well as other tasks related to taxes.

    2. International taxation: We also offer complete international taxation services which includes advise and support on everything on international taxation like cross-border taxes, international laws on tax, and so on.

    3. Indirect Taxes-GST: We will ensure that your company totally complies with all GST laws. In addition, we will support your business with input tax credit, return filing, GST registration, and many more.

    4. Transfer Pricing: This is a special area that involves the prices as related to goods, services, as well as other intangibles of related commodities in a multinational organization.

    Frequently Asked Questions

    Q1. What form is used to file for ITR?

    Companies need the ITR-7 form to file for their income tax returns.

    Q2. Who uses the ITR 5 form?

    In India, you can use the ITR-5 forms if your business is an LLP, a firm, or an Association of Persons (AOP).

    Q3. What is the ITR form?

    The ITR form is an income tax return form which taxpayers use to file their tax returns. There are 7 different types of forms. These include, the ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

    Q4. What is an ITR-V form?

    This means the “Income Tax Return-Verification” document. This form has only one page and is used to verify tax payments.

    Q5. Who uses the ITR-5 form?

    The ITR-5 form is meant for partnerships and LLPs.

    Our Services for GST Returns

    About GST filing services that we offer

    We offer a complete GST filing process step by step where we ensure that you comply with all requirements. You will get our tailored GST filing services throughout each stage from the filing registration stage all the way to ensuring your monthly and yearly GST filing returns. It is important to file your GST returns under the proper GST requirements. If you do not comply with the necessary rules, you may end up being penalized and this will affect your refunds and compliance rates.

    Our GST filing services

    • Return filing of GSTR 1 & GSTR-3B
    • Management of GST accounts
    • Reconciliation services for the E-way bill
    • Reconciliation of ITC (Input tax credit).
    • Support for GST payment
    • Annual return filing of all GST taxes.

    A Guide to the GST filing procedure

    • In India, there are different types of GST filings which depends on the various transactions and categories.
    • GST filing depends on the type of business. This means that you could file your GST every month, quarter, or year.
    • You will need to provide a comprehensive business information when filing your GST returns.
    • The ITC GST is a good way to support businesses through the tax credit scheme. Tax payers can get credits for all tax-paid purchases.

    We have a team of experts that can execute your GST filing online through the right portals online.

                                                                                    GST filing due dates by return type

    Type of GST return

    Description

    Due Date

    GSTR-1

    Return of outward supplies

    The 10th day of the next month

    GSTR-2

    Return of auto-populated inward supplies

    (Auto-populated) but not available

    GSTR-3B

    Summary Return: Simple returns every month that is filed by the taxpayers

    20th day of the following month

    GSTR- 4

    Quarterly Return: For taxpayers of the composition scheme category: Presenting summary information of tax liability and outward supplies

     

    18th day of the month after the quarter

    GSTR-5

    Foreign Taxpayer Returns for Non-resident

    20th day of the following month

    GSTR-6

    ISD (Input Service Distributor) Return: This is meant for businesses who distribute input tax credit to their units or branches.

    The next month on the 13th.

    GSTR-7

    Tax Deducted at source (TDS) Return:

    The next month on the 10th.

    GSTR-8

    Ecommerce operators are expected to file this GST tax.

    The next month on the 10th.

    GSTR-9

    Annual Return: This is a return that is done every year to show the transaction summary for the financial year.

    The next financial year – on December 31st.

    GSTR – 10

    Final tax returns: This is filed each time that the GST registration of a taxable person is surrendered or canceled.

    Three months within the cancellation date.

    What is the process of GST return filing

    The GST filing process is made of several important steps that ensure the correct procedure. These include:

    • GST filing every month
    • You get an accountant to handle your monthly GST filing
    • The GST will be filed every month according to requirements for your type of business.

    Frequently Asked Questions

    Q1. What is GST file returns?

    The GST (Goods and Services Tax) is the tax that companies pay for products and labour. Businesses need to file their GSTs regularly.

    Q2. Why is GST filing important in India?

    GST filing in India is important because it ensures transparency, honesty, fairness, and accountability on the part of the company. GST file returns is a good way for a company to promote itself as a law-abiding entity.

    Q3. Who should file GST returns?

    All Indian businesses need to file their GST returns, which is based on specific requirements.

    Q4. What are the different types of GST returns?

    The different types of GST returns are GSTR-1, GSTR-2A, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-9A, GSTR-10, and GSTR-11.

    Q5. Can I get support services when filing my GST returns?

    Yes. You can get professional help when it comes to filing your GST returns. This ensures a faster and smoother process.